You can be on Entrepreneur’s cover!

Goldman Sachs Slashed Thousands of Jobs This Year. Now It's Hiring Hundreds of New Roles After Scrutiny From Regulators. The bank and financial services company needs to appease regulators or face consequences.

By Amanda Breen

Key Takeaways

  • Goldman Sachs is hiring hundreds of new staffers amid increasing regulatory scrutiny.
  • Banking is experiencing an industry-wide slump — but Goldman's been hit especially hard.
entrepreneur daily

U.S. regulators have their eyes on Goldman Sachs Group Inc. — and the investment bank's taking action.

Goldman Sachs is hiring hundreds of new staffers to help resolve concerns from authorities including the Federal Reserve, people with knowledge of the matter told Bloomberg. It's not clear at this time what the specific concerns are, as it's typical for large financial firms to navigate them privately when possible.

Related: Apple Savings Accounts Hit $10B, Goldman Sachs Wants Out

The news follows multiple rounds of layoffs at Goldman since last year. The investment bank slashed about 500 jobs in 2022, 3,200 more in the first quarter of 2023 and announced another "fewer than 250 job" cut in May, per Reuters.

Goldman's investment banking revenue decreased by 20% in the second quarter, and its overall profit dropped 58% year over year, CNN Business reported.

Although the slump is an industry-wide issue, Goldman has had it worse than its competitors, impeded by its formerly aggressive consumer-lending strategy and asset-management business, per The Wall Street Journal.

Related: Goldman Sachs Makes History With First-Ever OTC Crypto Trade

Regulators often scrutinize large financial firms, but Goldman executives "privately describe" mounting pressure from the Fed this year, which could result in more rigid and arduous practices to make banks revamp their operations and procedures, per Bloomberg.

Another person told the outlet that Goldman has been handling a "confidential measure imposed by the Fed" that preceded this latest bout of scrutiny.

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Resumes & Interviewing

Build a Better Resume with This $35 Subscription

AI Resume Builder promises to help you apply to jobs twice as fast.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.


I Got Over 225,000 Views in Just 3 Months With Short-Form Video — Here's Why It's the New Era of Marketing

Thanks to our new short-form video content strategy, we've amassed over 225,000 video views in just three months. Learn how to increase brand awareness through short-form video content.

Business News

Samsung Makes 6 Day Workweeks Mandatory for Executives as the Company Enters 'Emergency Mode'

Samsung said its performance "fell short of expectations" last year. Now executives are required to work weekends.


6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.


You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.